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Bobby Jenks company purchased machinery for $160,000 on January 1, 2004. Straight-line depreciation has been...

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Accounting

Bobby Jenks company purchased machinery for $160,000 on January 1, 2004. Straight-line depreciation has been recorded based on a $10,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2008 at a gain of $3,000. How much cash did Bobby Jenks receive from the sale of machinery?

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